Dollar to Naira Black Market Exchange Rate Today – 1st November 2024
Here is the latest information on the Dollar to Naira exchange rate at the black market, commonly referred to as the parallel market (Aboki fx).
For Thursday, 1st November 2024, sources from Bureau De Change (BDC) in Lagos indicate that the Dollar is being bought at N1745 and sold at N1750 in the parallel market.
Please note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals needing foreign exchange to approach their banks directly.
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | N1745 |
| Selling Rate | N1750 |
In contrast, the official CBN rate differs, reflecting N1650 for buying and N1651 for selling.
| Dollar to Naira (USD to NGN) | CBN Official Rate |
|---|---|
| Buying Rate | N1650 |
| Selling Rate | N1651 |
The exchange rate may fluctuate slightly, so rates may vary depending on location and time of transaction.
Economic Impact: Companies Leaving Nigeria Due to Economic Instability
Nigeria’s economic challenges, including currency instability and high operational costs, have led to an increase in companies exiting the market. Recently, South African retailer Pick n Pay announced its departure from Nigeria, selling its 51% stake after only a few years of operation. Since 2020, over 20 companies have closed or relocated operations due to ongoing economic difficulties, reflecting broader concerns within Nigeria’s business landscape.
